{"id":49536,"date":"2019-11-02T11:11:50","date_gmt":"2019-11-02T09:11:50","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=49536"},"modified":"2019-11-02T11:11:50","modified_gmt":"2019-11-02T09:11:50","slug":"ai-enhanced-crypto-investment-app-developer-ember-fund-to-raise-1-million","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/ai-enhanced-crypto-investment-app-developer-ember-fund-to-raise-1-million\/","title":{"rendered":"AI-Enhanced Crypto Investment App Developer Ember Fund to Raise $1 Million"},"content":{"rendered":"

Los Angeles-based Ember Fund, the developer of an artificial intelligence (AI)-enhanced digital asset portfolio app, is planning to raise as much as $1 million through a fundraiser that has been approved by the US\u00a0 Securities and Exchange Commission (SEC).<\/span><\/p>\n

Established in August 2018, Ember Fund<\/a>\u2019s management announced their plans via a filing with the SEC<\/a>, which notes that the company\u2019s sale of \u201cCrowd SAFE\u201d securities will be carried out through the end of January next year on online startup fundraising platform Republic<\/a>.\u00a0<\/span><\/p>\n

SAFE (simple agreement for future equity) is essentially a binding investment contract that entitles its holders to equity in the event that Ember Fund decides to go public or is acquired by another commercial entity. In order to participate in the offer, investors are required to contribute a $100 minimum buy-in.<\/span><\/p>\n

Ember Fund has been marketed as an app-based version of a digital currency hedge fund, which comes with an automated AI system that helps to strategically re-balance investors\u2019 cryptocurrency portfolios. However, Ember, the company, is not actually a hedge fund.\u00a0<\/span><\/p>\n

The firm operates as a non-custodial service, under the name Ember Fund. The company says it never has custody of users\u2019 crypto assets, which reside on the clients\u2019 smartphones during and after transactions have been completed.<\/span><\/p>\n

Earlier this year, Ember Fund CEO Alex Wang revealed<\/a> that the company\u2019s services handled almost $2 million in transactions during April 2019.<\/span><\/p>\n

The company\u2019s current financial performance has not yet been announced as its public reporting is only available for the end of 2018 period. Ember Fund is operated only by four individuals.\u00a0<\/span><\/p>\n

The company noted in its filing with the SEC that its treasury only had $2,557.00 in cash on hand as of December 31, 2018. The firm\u2019s reported loss for 2018 stands at $24,523.00. Wang confirmed that the company began handling customer transactions in November of last year.<\/span><\/p>\n

The company says its target fund numbers are fairly low. Ember Fund\u2019s minimum target sale is $25,000, with a maximum of $1,070,000. However, Wang said the latest investment round, \u2013which is intended for \u201cfriends and family,\u201d has been kept relatively small.<\/span><\/p>\n

Wang stated: <\/span><\/p>\n

\u201cOur hope is really to raise as little money as possible.\u201d\u00a0<\/span><\/em><\/p><\/blockquote>\n

He added that he wants to maintain full control of the firm he established along with its other founding partners Guillaume Torche and Mario Lazaro.<\/span><\/p>\n

Wang further noted that his partners have figured out user acquisition costs and their value, which has helped the company formulate a business strategy for its ongoing growth and development.<\/span><\/p>\n

Wang says Ember Fund will not be rushing into anything, which is quite different from most other California startups that are eager to trade their equity for capital.<\/span><\/p>\n

Wang remarked: <\/span><\/p>\n

\u201cA lot of companies go out and raise a ton of money without having a business model. We took the other approach: let\u2019s have a business model and then scale it up.\u201d<\/span><\/em><\/p><\/blockquote>\n

According to a transcript of a promotional video for Ember Fund that was shared with the SEC, the company is planning to use Ember Fund to further expand its operations. The video\u2019s narrator, company CTO Guillaume Torche noted:<\/span><\/p>\n

\u201cWe have already processed about $10 million to the platform without any marketing budget. We\u2019re at a point where we\u2019re ready to scale.\u201d<\/span><\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Los Angeles-based Ember Fund, the developer of an artificial intelligence (AI)-enhanced digital asset portfolio app, is planning to raise as much as $1 million through a fundraiser that has been approved by the US\u00a0 Securities and Exchange Commission (SEC). Established in August 2018, Ember Fund\u2019s management announced their plans via a filing with the SEC, which notes that the company\u2019s sale of \u201cCrowd SAFE\u201d securities will be carried out through the end of January next year on online startup fundraising […]<\/p>\n","protected":false},"author":46,"featured_media":49539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,947],"tags":[7320,3180,7318,7319,4463],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/49536"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=49536"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/49536\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/49539"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=49536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=49536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=49536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}